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You thinking is on the wrong side of the tracks here ...
FIRST OFF - Bankruptcy rewards failed planning and lack of fiscal understanding - even though it is as you said "less damaging to yourself and your family" - that is an "ENTITLEMENT MENTALITY" which has been destroying our nation for years!
Zyphlin is well aware of the moral hazard issue associated with bankruptcy, bailouts, etc. His point was that individuals have options for debt reduction that the federal government does not.
Next: You said: we need to move away from even getting to a point where we need to constantly be having this debate
When?
...THE PROBLEM IS that even though we agree
.... some of us prefer to stop passing the buck to the next set of politicians
It's time to stop it NOW! ... before our government goes bankrupt.
The government cannot instantly balance its budget. There is not even a single case of a major industrialized state's having successfully engineered a fiscal swing of nearly 10% of GDP all in one year. A period of transition will be needed to bring the nation's finances back to a sustainable condition.
While it can be tempting for those on the sidelines to call on policy makers to immediately balance the budget, they can do so without bearing the enormous responsibility for the severely disruptive consequences of such an approach. Policy makers who have to deal with the consequences of their decisions have no such luxury. Hence, there is no prospect whatsoever that the nation's government would undertake such an endeaver.
IF our country goes bankrupt - it would wipe out global economy.
People overlook the fact that if our economy is weak our dollar will no longer be a platform which the world economy is basing its loans on.
Do you even know that whole OPEC oil market is on the American dollar?
Other countries have to convert their currency to the American Dollar before they can buy their oil ... if that ends - so does our priviledges
That's exactly why a credible fiscal consolidation program is needed.
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